{"id":14003,"date":"2025-02-09T02:30:58","date_gmt":"2025-02-09T02:30:58","guid":{"rendered":"https:\/\/infundpros.com\/?p=14003"},"modified":"2025-02-09T02:30:59","modified_gmt":"2025-02-09T02:30:59","slug":"activist-hedge-fund-elliott-builds-stake-in-struggling-bp","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=14003","title":{"rendered":"Activist hedge fund Elliott builds stake in struggling BP"},"content":{"rendered":"<div>\n<p>Stay informed with free updates<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Simply sign up to the <!-- -->Oil &amp; Gas industry<!-- --> myFT Digest &#8212; delivered directly to your inbox.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=0fe68734-0a90-4824-ba84-8a3cd39a0bc3&amp;concept-id=9f991f8b-1d17-4d99-82f4-0cd8fe50b59b\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Activist hedge fund Elliott Management has built a stake in struggling UK oil major BP, according to two people with knowledge of the move.<\/p>\n<p>The exact size of Elliott\u2019s stake could not be learned but the $70bn assets under management hedge fund has adjusted its activist strategy in recent years to increase the size of its individual bets, while reducing the number of situations it focuses on. <\/p>\n<p>BP\u2019s shares have fallen nearly 9 per cent over the past year, compared with a 6.5 per cent rise for rival Shell, and investors have complained about the company\u2019s financial underperformance, high levels of debt and lack of strategic clarity.<\/p>\n<p>For the past several weeks, speculation has been rife in the London market that BP is vulnerable to a takeover bid or to an activist shareholder. <\/p>\n<p>Pressure from the US investor could push BP to refocus on its core oil and gas business after years of building up a sprawling empire of green energy projects. <\/p>\n<p>One BP investor suggested that Elliott could call for a full break-up or for the company to retrench from some of its weaker businesses and relist in the US.<\/p>\n<p>Other activist funds have recently looked at amassing a stake in BP, but the size of the \u00a370bn company has deterred them. One US activist that considered a move said BP\u2019s board had been \u201casleep at the wheel\u201d and had a \u201cmuddled strategy\u201d. It added: \u201cBP\u2019s upstream business on its own justifies its entire market value.\u201d<\/p>\n<p>Both BP and Elliott declined to comment.\u00a0<\/p>\n<p>BP reports quarterly results on Tuesday, and will update investors on its medium-term strategy on February 26. <\/p>\n<p>Murray Auchincloss, the company\u2019s chief executive, delayed the update and moved it from New York to London after having undergone an undisclosed medical procedure.\u00a0<\/p>\n<p>Elliott is led in the UK and Europe by Gordon Singer, the son of the firm\u2019s founder Paul Singer. The firm has targeted companies such as UK-listed mining group Anglo American and pharmaceutical giant GSK.\u00a0<\/p>\n<p>The firm is well known as a fearsome activist investor that is willing to fight boardroom battles if it disagrees with a company\u2019s strategic direction.\u00a0<\/p>\n<p>Earlier this week the FT reported that Elliott had built almost a 5 per cent stake in UK listed conglomerate Smiths Group, backing a plan for the company to sell or demerge two of its four units. <\/p>\n<p>The firm scored a big win at US conglomerate Honeywell this week as the company announced plans to split on Thursday, just three months after Elliott embarked on a campaign to achieve that outcome.<\/p>\n<p>Elliott\u2019s stake in BP was first reported by Bloomberg.<\/p>\n<p><em>Additional reporting by Jamie Smyth in New York<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/0fe68734-0a90-4824-ba84-8a3cd39a0bc3\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stay informed with free updates Simply sign up to the Oil &amp; Gas industry myFT Digest &#8212; delivered directly to your inbox&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":14004,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-14003","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Activist hedge fund Elliott builds stake in struggling BP | inFundPros<\/title>\n<meta name=\"description\" content=\"Stay informed with free updatesSimply sign up to the Oil &amp; Gas industry myFT Digest -- delivered directly to your inbox.Activist hedge fund Elliott\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=14003\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Activist hedge fund Elliott builds stake in struggling BP | inFundPros\" \/>\n<meta property=\"og:description\" content=\"Stay informed with free updatesSimply sign up to the Oil &amp; 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